Best Buy Co Inc (NYSE:BBY) declared a quarterly dividend on Friday, May 22nd, RTT News reports. Investors of record on Thursday, June 11th will be given a dividend of 0.55 per share by the technology retailer on Thursday, July 2nd. This represents a $2.20 dividend on an annualized basis and a yield of 2.82%. The ex-dividend date is Wednesday, June 10th.
Best Buy has raised its dividend by an average of 17.4% annually over the last three years and has increased its dividend every year for the last 8 years. Best Buy has a payout ratio of 36.2% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Best Buy to earn $6.11 per share next year, which means the company should continue to be able to cover its $2.20 annual dividend with an expected future payout ratio of 36.0%.
NYSE:BBY opened at $78.15 on Friday. The stock’s 50 day moving average price is $70.54 and its 200 day moving average price is $77.83. Best Buy has a 52 week low of $48.10 and a 52 week high of $91.99. The company has a market capitalization of $21.00 billion, a P/E ratio of 13.45, a P/E/G ratio of 2.33 and a beta of 1.50. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.46 and a current ratio of 1.10.
Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, May 21st. The technology retailer reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.26. Best Buy had a return on equity of 49.17% and a net margin of 3.53%. The firm had revenue of $8.56 billion for the quarter, compared to the consensus estimate of $8.26 billion. During the same quarter in the prior year, the company posted $1.02 earnings per share. The firm’s revenue was down 6.3% on a year-over-year basis. As a group, sell-side analysts forecast that Best Buy will post 4.6 earnings per share for the current fiscal year.
A number of brokerages have issued reports on BBY. Oppenheimer began coverage on Best Buy in a research report on Thursday. They set a “buy” rating and a $105.00 target price for the company. Morgan Stanley raised Best Buy to a “buy” rating and upped their target price for the stock from $75.00 to $85.00 in a research report on Friday. ValuEngine raised Best Buy from a “sell” rating to a “hold” rating in a research report on Tuesday, March 17th. Nomura raised Best Buy from a “neutral” rating to a “buy” rating and upped their target price for the stock from $70.00 to $85.00 in a research report on Monday, May 11th. Finally, Barclays upped their target price on Best Buy from $75.00 to $85.00 and gave the stock an “overweight” rating in a research report on Friday. One research analyst has rated the stock with a sell rating, nine have given a hold rating and thirteen have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $86.62.
In other news, CAO Mathew Watson sold 603 shares of the firm’s stock in a transaction on Friday, March 13th. The stock was sold at an average price of $56.89, for a total value of $34,304.67. Following the completion of the sale, the chief accounting officer now directly owns 20,137 shares in the company, valued at $1,145,593.93. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Kathleen Scarlett sold 1,057 shares of the firm’s stock in a transaction on Friday, March 13th. The shares were sold at an average price of $56.89, for a total value of $60,132.73. Following the completion of the sale, the insider now owns 34,652 shares of the company’s stock, valued at $1,971,352.28. The disclosure for this sale can be found here. Insiders have sold 63,602 shares of company stock valued at $3,536,169 over the last quarter. Corporate insiders own 0.95% of the company’s stock.
About Best Buy
Best Buy Co, Inc operates as a retailer of technology products, services, and solutions in the United States, Canada, and Mexico. The company operates in two segments, Domestic and International. Its stores provide Computing and Mobile Phones, such as computing and peripherals, e-readers, networking products, tablets, and wearables, as well as mobile phones comprising related mobile network carrier commissions; consumer electronics, including digital imaging, health and fitness, home theater, portable audio, and smart home products; and entertainment products consisting of drones, movies, music, and toys, as well as gaming hardware and software, and virtual reality and other software products.
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